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Asia Pacific investment firm PAG has agreed to invest $200 million in secured convertible notes issued by Ontario-based Canadian Solar, the company said on Aug. 19.
The transaction is expected to close in the fourth quarter of 2024, subject to closing conditions, Canadian Solar said in a news release.
The solar company, which will retain flexibility on draw downs, said it plans to use the net proceeds to optimize its capital structure, repay debt and invest in solar development projects.
“The notes offer us a flexible financing solution that aligns with both our capital requirements and business objectives,” said Canadian Solar CEO Shawn Qu. “This transaction paves the way for long-term strategic collaboration with PAG in solar and in clean energy.”
Payable quarterly in arrears, the notes will bear an interest rate of 6% per annum and will mature on Dec. 31, 2029. In addition, note holders have the right to require Canadian Solar to repurchase the notes shortly after Dec. 31, 2027, according to the release.
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